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CNBC's automotive correspondent Phil LeBeau filed from the White House for NBC. He noted that "for the first time the federal government is endorsing the idea of using bankruptcy to clean up GM's massive debt." On ABC, George Stephanopoulos picked up on the same shift. Not only is bankruptcy "very much on the table right now," his unidentified official sources in the Obama Administration told him it is "likely the leading option."
Rebecca Lindland, automobile specialist at the economic analysis firm IHS Global Insight scored a threefer on the bankruptcy question, being quoted by CNBC's LeBeau and ABC's Jake Tapper and by Anthony Mason on CBS. "From a consumer standpoint bankruptcy is really a huge flag," she told LeBeau. The threat of bankruptcy is "information that they really needed to be able to show their stakeholders," was her soundbite for Tapper. "A company the size of GM has never gone bankrupt…we still do not really know all of the ripple effects," was the line Mason used.
GM's new boss Henderson was spinning the bankruptcy line too in his interview with CBS anchor Katie Couric: "A 60-day period is what they outlined for doing this out of court and if we are not successful doing it out of court, we will do it in court."
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